free market currency will always be the back up currency of the world... the dollar deviating from that opens the door for others, but one controlled by china? hehehe, that’s a joke.
It will take a long time for these countries to dethrone the dollar simply on demographic levels alone they are headed for economic stagnation.
I see BRICS as a framework for these countries when economies become more regionalized after the eventual collapse the world will feel from these demographic bombs.
There are not enough kids in China, Russia, Brazil, ect. They are not wealthy enough nations to do what Japan is doing with investment economies either.
The Ethiopia and South African diversity hires are hilarious.
BRICS is the Globalists’ back-up plan in case the plebes won’t submit to their Great Reset.
Time will tell, but....
"...the euro is the greatest fiat monetary success in the post-Bretton Woods era; let us not deprive it of its merit." It affected us, and our Deutschmarks -- as a value related to the USD -- when converted automatically to the Euro, dropped in purchasing power rather quickly. So "success" is a word with different meaning to different people.
And it seems muddled to conclude, "The end of the U.S. dollar, if it comes, will not arrive through competition from another fiat currency, as the temptation of governments to destroy the purchasing power of the issued currency is too strong. It will probably come from independent currencies."
There will be NO "end of the U.S. dollar" as the phrase goes. There will likely come an end to the SWIFT system as the unipolar money transfer system, as competition is created and trade handled between non-US nations in other non-US currencies. Ditto for the Euro.
There will be a dollar, and likely a Euro unless the EU breaks apart and ECB debt challenged. But trade conducted in other currencies is the issue and likely coming reality.
Oddly, that is what I personally experienced decades ago, when I was paid in Pounds sterling, French and Belgian and Swiss francs, Guilders, Deutschmarks and more. I "traded" in multiple currencies. And sometimes brought currency between countries without the services of bank transfers. It should not be too far fetched to imagine the "past" being made "new" again.
With competition to the SWIFT system and BIC, the question is one simply of "economic sanctions" no longer being what these last very few decades have become -- weapons.
A basket of bad currencies is still not better than the dollar.
Honestly, they would be better off using Bitcoin.
No, but DemocRATs will.
Before BRICS can dethrone the Dollar, they will have to settle on which currency they will use. The Yuan? The Rupee? The Ruble? The Euro? The Brazilian Dollar?
33 trillion in debt Hello!!! No our idiotic government dethroned it
All fiat currencies are subject to political control and Lacalle writes an excellent article describing how the BRICS governments are worse and even more rapacious, then the US Government
BUT - the BRICS summit did not propose an alternative currency. Nothing even close. They pushed off consideration of it well into the future. So Western talk of it is just blather.
So what the BRICS really are doing is a vast PR exercise, combined with a loose political alliance. Its goals are limited at the moment - but they are nonetheless targeted at the US Empire.
They’ve tried this before. One I remember was a “gold backed” effort with very alloyed “gold” coins. It fizzled.
The trouble is they want all the liberties of a fiat currency, but the stability of a gold backed one. So their own greed kills their scheme.
BRICS is not about fighting the USA. It's about preparing for the post-USA world as best they can. The key concept is not to get dragged down.
Meanwhile, in the U.S., the government may jeopardize the credibility of the U.S. dollar if it continues to generate deficits of two trillion dollars a year, more than a $14 billion estimated deficit by 2030, and with an increasing number of irresponsible advisers saying that it can create all the money it wants without risk.
Shouldn't that billion be trillion?
Its already been done.
This is ultimately going to be Joe Biden’s lasting legacy: the president who destroyed the U.S. dollar.
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P4L
Every country is going to maintain their own currency but it will have to be backed by gold, silver or other hard assets. We are moving to a new global system. The Central banks are going bye bye.
It is not in anybody’s interest to “destroy the dollar,” — that’s nuts — too many dollars in National reserves out there.
However, it is in everyone’s best interest (accept for the deep=state Banking Cabal) to move from a unipolar petrodollar world into a multi-polar currency and commodity pricing/exchange world.
Hopefully, the move to a multi-polar world will be gradual and as peaceful as possible.
This is the real WWIII battle the media will never tell you about.
“with an invitation to join the group extended to the Emirates, Egypt, Iran, Saudi Arabia, Argentina, and Ethiopia”
That’s it! With such economic and stable power-houses joining in I’m going to get rid of every dollar I have.